ST. PETERSBURG, Fla., Feb. 18, 2014 /PRNewswire/ -- LumaStream, the leader in end-to-end low-voltage systems for LED lighting, today announces the close of $10M as its first Series B Preferred Equity tranche. The funding will significantly expand LumaStream's capacity to fulfill orders from a growing number of hospitality and multi-site retail customers who are realizing the significant benefits of LumaStream's unique approach to LED lighting. LED is the fastest growing technology for general lighting in commercial buildings. LumaStream increases funding now to maintain its technological lead and continue to capture LED lighting market share.
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LumaStream offers the only holistic approach to low-voltage power distribution for LED lighting. Unlike other LED companies, LumaStream's patented system uses speaker wire to carry low-voltage power to LED fixtures. The same wire also fully controls and dims the LEDs, eliminating the need for secondary control wiring. Remote drivers centrally convert AC power to low-voltage DC power using proprietary digital algorithms that achieve clean power runs up to 200 ft. away, like a stereo amplifier and speakers.
"LumaStream is in the right market, at the right time, with the right technology and distribution model," said Eric Higgs, CEO of LumaStream. "We're built to scale and are thrilled by the response from the market, particularly the restaurant chains that are rapidly deploying our systems across the country."
LumaStream's most recent infusion of capital includes a Toronto, ON based investment group with ties to both the lighting industry and home building market. With this, LumaStream welcomes a new board member, Jonathan Webster, and two new advisors, W. Geoffrey Beattie and Anthony Caldarone.
"This initial $10 million round accelerates LumaStream's growth," added Eric Higgs. "When we close the final $3 million of our Series B it will fuel further research and development, rapid prototyping capacity, and international expansion, all of which extend the gap between our lead position and other LED lighting technologies."
Significant advantages over conventional lighting and line voltage LED installations make LumaStream solutions particularly compelling to companies seeking high quality lighting that also saves money through reduced energy consumption, reduced electrical infrastructure, reduced installation labor, and no maintenance cost. Compared to other LED lighting systems, LumaStream is the only solution to achieve such high efficiency coupled with seamless lighting control. Well-tuned LED lighting can save up to 28% electrical consumption in commercial buildings where nearly a third of power usage goes to lighting.
Hospitality, restaurant and retail sectors lead new commercial construction growth in the U.S. In 2012, construction spending on restaurants rebounded 30% according to the U.S. Department of Commerce. Hospitality and retail sectors also saw double-digit construction growth. With changes in commercial building codes regarding energy efficiency, like California's widely adopted Title 24, LED for general lighting is growing dramatically. These markets also require high quality lighting with superior dimming capabilities and control to provide optimum dining, shopping and lodging environments for their guests. LumaStream is the only system that combines the efficiency of LED lighting with deep, flicker-free dimming control required for these demanding applications.
LumaStream recently moved to a new location in downtown St. Petersburg, Florida, more than tripling its capacity, adding new resources to support its rapid-prototyping model, and hiring additional staff. Additionally, LumaStream will soon move the production of its core power driver technology from Waterloo, Canada to St. Petersburg partnering with local contract manufacturers.
LED is the future of lighting, forecasted to surpass all other lighting technologies by 2016. Low-voltage power distribution is the future of LED lighting. With these recent moves, LumaStream is solidly positioned to capture market share and be a driving force in the changing general lighting market.
About LumaStream
LumaStream makes low-voltage LED lighting solutions that are truly efficient and highly controllable. We offer our unique, patented, digital power conversion platform paired with well-designed luminaires and open source control protocol to commercial, institutional, residential, retail, and hospitality markets. We're a fast-growing, creative company developing efficient systems with unprecedented results for energy savings, long-distance low-voltage power distribution, and smooth, continual dimming control to less than 1%. Our solutions are solid and our results compelling. We create a better lighting environment for our clients, and together we create a better environment for all. LumaStream is headquartered in St. Petersburg, FL. Please visit www.lumastream.com.
SOURCE LumaStream
